🔍

RNFI Services Limited (RNFI)

📊 NSE: RNFI 🏢 Other Financial Services 📢 Latest filing: 12 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, RNFI Services' revenue was ₹270 Cr (+8.1% year on year, +12.8% on the previous quarter), and net profit ₹5.1 Cr (-12.3% year on year); the operating margin was 3.9%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹270	+8.1%	+12.8%
Operating profit	₹10.6	-10.0%	-33.4%
Net profit	₹5.1	-12.3%	-39.5%
EPS (₹)	1.82	-12.5%	-39.9%
Operating margin	3.9%	—	—

Full quarterly financials → Results calendar →

RNFI delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 66.67% of the RNFI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 69.85%. That is close to its usual level. Turnover was only ₹12 lakh, so a handful of trades can move this figure. Volume was 0.1 times its average, well below normal.

66.67%Delivery, 16 Oct

69.85%Own 20-session average

0.1×Volume vs its average

₹329.00NSE close · +0.15%

Delivery in the last 5 sessions: 73.5% · 63.6% · 68.0% · 85.7% · 66.7%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

RNFI Services Secures Favourable Tax Appellate Order Deleting Rs 1.48 Cr Addition for AY 2024-25

🟢 POSITIVE ⭐ 4/10

LEGAL 📅 12 Oct 2026, 05:42 PM

RNFI Services Limited has received a favorable order from the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, dated October 9, 2026, for Assessment Year 2024-25. The appellate authority directed the deletion of the entire addition of Rs 1,47,60,000 made under Section 69 of the Income-tax Act concerning alleged unexplained property investments. Earlier, the original assessment order had demanded a total tax, penalty, fine, and interest of Rs 1,61,05,460 on assessed income of Rs 11,09,37,610. The deletion provides financial relief from potential tax liabilities representing ~4.5% of FY26 net profit.

Complete deletion of Rs 1,47,60,000 addition made under Section 69 of the Income-tax Act, 1961
Relief against original tax, penalty, and interest demand of Rs 1,61,05,460
Appellate order passed on October 9, 2026, by the National Faceless Appeal Centre
Original total income assessed was Rs 11,09,37,610 versus declared return income of Rs 9,61,77,610

💡 Monitor whether the Income Tax Department files a further appeal before the Income Tax Appellate Tribunal (ITAT) within the statutory limitation period.

RNFI Services Secures Favourable Tax Appellate Order Deleting Rs 1.48 Cr Addition for AY 2024-25

🟢 POSITIVE ⭐ 4/10

LEGAL 📅 12 Oct 2026, 05:25 PM

Complete deletion of Rs 1,47,60,000 addition made under Section 69 of the Income-tax Act, 1961
Relief against original tax, penalty, and interest demand of Rs 1,61,05,460
Appellate order passed on October 9, 2026, by the National Faceless Appeal Centre
Original total income assessed was Rs 11,09,37,610 versus declared return income of Rs 9,61,77,610

💡 Monitor whether the Income Tax Department files a further appeal before the Income Tax Appellate Tribunal (ITAT) within the statutory limitation period.

RNFI to Acquire SBI & BOB Business Correspondent Units for Up to ₹12 Cr

🟢 POSITIVE ⭐ 7/10

M&A 📅 03 Oct 2026, 01:05 PM

RNFI Services Limited has approved the acquisition of Business Correspondent (BC) undertakings for SBI and Bank of Baroda from Arth Rural Connect and AgroServe Global on a slump sale basis for up to ₹12 crore. The consideration will be split equally between up to ₹6 crore in cash and up to ₹6 crore in equity shares issued on a preferential basis. The acquired units generated approximately ₹12.5 crore in turnover and ₹3.6 crore in gross margin during FY26, bringing direct BC access to two major PSU banks and adding ~1,100 customer service points. The transaction is slated for completion within 90 days, subject to bank approvals and shareholder clearance.

Max acquisition consideration of ₹12 crore (up to ₹6 crore cash and ₹6 crore equity via preferential issue)
Acquired undertakings generated ~₹12.5 crore turnover and ~₹3.6 crore gross margin in FY26
Adds ~1,100 customer service points with direct BC access to SBI and Bank of Baroda
Targeting completion within 90 days from the definitive agreement date
Breakdown: Arth SBI (₹10.75 Cr), AgroServe SBI Odisha (₹0.05 Cr), Arth BOB (₹1.20 Cr)

💡 Track shareholder and stock exchange approval for the preferential issue, along with formal novation/assignment of BC agreements by SBI and Bank of Baroda within the 90-day completion window.

RNFI Services Seeks Shareholder Approval to Alter MOA to Enter TReDS and Trade Receivables Financing

🟡 NEUTRAL ⭐ 4/10

EXPANSION 📅 23 Sep 2026, 06:45 PM

RNFI Services has issued a Postal Ballot notice seeking shareholder approval via special resolution to alter its Memorandum of Association (MOA) by adding Clause 3(A)(10). The amendment enables the company to operate technology-enabled platforms for trade receivables financing, invoice discounting, and participation in Trade Receivables Discounting Systems (TReDS), subject to RBI approvals. Remote e-voting runs from September 24, 2026, to October 23, 2026, with the cut-off date set as September 18, 2026. This move aligns with the company's objective to expand its B2B fintech ecosystem beyond domestic money transfer and forex services.

Proposed addition of Clause 3(A)(10) to Main Objects to enter TReDS and invoice discounting platforms
Cut-off date for eligible voting shareholders fixed as Friday, September 18, 2026
E-voting starts on September 24, 2026 (09:00 AM IST) and ends on October 23, 2026 (05:00 PM IST)
Postal ballot results to be declared on or before Sunday, October 25, 2026

💡 Track the outcome of the postal ballot voting on or before October 25, 2026, and subsequent applications or approvals from the Reserve Bank of India regarding TReDS platform licensing.

RNFI Appointed as Corporate Business Correspondent by Chhattisgarh Gramin Bank

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 21 Sep 2026, 07:37 PM

Chhattisgarh Gramin Bank (CGB) has accepted in principle the proposal to appoint RNFI Services Limited as a Corporate Business Correspondent (Corporate BC). The initial arrangement spans a tenure of 12 months and requires an initial security deposit of ₹25 lakh, with further deposits tied to the number of Customer Service Points (CSPs). RNFI will deliver banking services including account opening, AEPS, deposits, remittances, and loan sourcing across Chhattisgarh. Execution remains subject to signing the definitive agreement and completing required formalities.

In-principle appointment as Corporate BC for Chhattisgarh Gramin Bank announced on 21st September, 2026
Agreement tenure set for an initial period of 12 months
Requires an initial security deposit of ₹25 lakh, plus additional deposits based on CSP scale
Covers multiple financial inclusion services: AEPS, Micro-ATMs, account opening, remittances, and loan sourcing

💡 Track the execution of the definitive agreement and monitor subsequent quarterly updates on active CSP rollouts in Chhattisgarh.

RBI Grants Perpetual AD-II Forex Licence to RNFI Money; Expands to MSME Remittances

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 21 Sep 2026, 01:22 PM

The Reserve Bank of India has granted perpetual validity to the Authorised Dealer Category-II (AD-II) foreign exchange licence held by RNFI Services' wholly-owned subsidiary, RNFI Money. The RBI also broadened the licence scope to permit MSME trade remittances, Nostro accounts, and the appointment of Forex Correspondents. RNFI intends to roll out these services across its existing network of over 2.8 lakh active retail agents in phases, complementing its broader platform of last-mile financial services.

RBI approved perpetual validity for RNFI Money's Authorised Dealer Category-II (AD-II) forex licence
Scope expanded to include trade remittances, Nostro accounts, and Forex Correspondents
Company aims to leverage its existing network of over 2.8 lakh active retail agents across India
Builds on RNFI's recent in-principle authorisation from RBI for Payment Aggregator - Physical (PA-P)

💡 Track the quarterly rollout pace of Forex Correspondents and monitor contribution to non-interest or transaction revenues in upcoming quarters relative to TTM revenue of ₹989 Cr.

RNFI Services Empanelled as Corporate Business Correspondent for Punjab & Sind Bank (150 Locations)

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 18 Sep 2026, 10:09 PM

RNFI Services Limited has received a Purchase Order from Punjab & Sind Bank for empanelment as a Corporate Business Correspondent (CBC). The contract has an initial duration of 3 years (extendable up to 5 years), with 150 Business Correspondent locations initially allotted across Lucknow, Chennai, Bengaluru, and Bhatinda. Deployment of all 150 locations must be completed by December 31, 2026. The contract does not have a fixed aggregate value, with remuneration determined by monthly service usage.

Empanelled as Corporate Business Correspondent by Punjab & Sind Bank for an initial tenure of 3 years (extendable up to 5 years)
Initially allotted 150 Business Correspondent locations across 4 hubs: Lucknow (50), Bhatinda (40), Chennai (30), and Bengaluru (30)
Full deployment of the 150 locations required by December 31, 2026
Commercial consideration is variable and linked to monthly service utilisation rather than a fixed sum

💡 Track the deployment progress of the 150 outlets ahead of the December 31, 2026 deadline and monitor subsequent quarterly updates for transactional fee contributions from this bank empanelment.

RNFI Services Schedules Virtual 1-on-1 Investor Meet with Green Portfolio for Sept 23, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 18 Sep 2026, 06:48 PM

RNFI Services Limited has announced an upcoming virtual one-on-one institutional investor meeting with Green Portfolio scheduled for September 23, 2026, at 11:30 AM. The company clarified that no Unpublished Price Sensitive Information (UPSI) will be discussed during the interaction. RNFI operates with a TTM revenue of Rs 989 Cr and TTM PAT of Rs 32 Cr. This interaction is part of standard investor relations and entails no direct financial or operational changes.

One-on-one meeting scheduled with Green Portfolio on September 23, 2026
Meeting to be conducted virtually at 11:30 AM
Company confirmed no Unpublished Price Sensitive Information (UPSI) will be shared
Filing submitted under Regulation 30 of SEBI LODR Regulations, 2015

💡 Track subsequent post-meet disclosures or investor presentations on the exchange if uploaded, and watch Q2 FY27 earnings for operational developments.

RNFI Services Receives MCA Approval for P2P Lending Subsidiary Name

🟡 NEUTRAL ⭐ 4/10

EXPANSION 📅 18 Sep 2026, 05:33 PM

RNFI Services has received approval from the Ministry of Corporate Affairs (MCA) for the name of its proposed Wholly Owned Subsidiary (WOS), 'RNFI CREDIT TECHNOLOGIES PRIVATE LIMITED'. This follows the board's initial approval on September 5, 2026, to enter the Peer-to-Peer (P2P) lending space. The subsidiary will operate strictly as a technology intermediary platform connecting lenders and borrowers without taking on balance-sheet credit risk, subject to necessary regulatory licenses and approvals.

MCA approved the name 'RNFI CREDIT TECHNOLOGIES PRIVATE LIMITED' for proposed wholly owned subsidiary
Proposal originally approved by the Board of Directors on September 5, 2026
Model will operate purely as an intermediary platform with zero balance sheet lending or deployment of own funds
Incorporation filings with the Registrar of Companies (RoC) and regulatory approval processes are currently underway

💡 Track subsequent RoC incorporation filings and regulatory licensing steps (such as RBI approvals for NBFC-P2P operations) required before operational rollout.

RNFI Subsidiary Secures Perpetual AD-II Forex Licence and Scope Expansion from RBI

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 18 Sep 2026, 03:50 PM

RNFI Services Limited announced that its wholly-owned subsidiary, RNFI Money Private Limited, has received Reserve Bank of India (RBI) approval for the renewal and amendment of its Authorised Dealer Category-II (AD-II) licence. The licence validity has been converted from 2027 to perpetual validity, eliminating regulatory renewal risk. Additionally, the RBI expanded the licence scope to permit trade remittances, the opening of Nostro accounts (subject to RBI process), and the appointment of Forex Correspondents across its retail network. While the financial impact is not currently quantifiable, it materially supports RNFI's strategy to scale higher-margin cross-border remittance services.

AD-II licence converted from validity up to 2027 to perpetual validity by the RBI
Scope expanded to include trade remittances for MSME exporters and importers
Approval enables opening of Nostro accounts subject to completing due process with RBI
Permits appointment of Forex Correspondents in a phased manner from the group's retail distribution network
RBI communication dated September 17, 2026, and received on September 18, 2026

💡 Track the timeline of Nostro account operationalization and the pace of onboarding Forex Correspondents in upcoming quarterly filings to assess revenue ramp-up in cross-border trade remittances.

RNFI Receives NSE Trading Approval for 37,000 Converted Preferential Warrants

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 18 Sep 2026, 12:34 PM

RNFI Services Limited has received trading approval from the National Stock Exchange of India (NSE) effective September 18, 2026, for 37,000 equity shares of face value Rs 10 each. These shares were allotted pursuant to the conversion of warrants on a preferential basis to non-promoter investor Mr. Nevil Vinod Dedhia. The newly listed shares will remain under lock-in until March 30, 2027. Given the small quantity of 37,000 shares relative to the company's total base, the dilution is negligible.

NSE trading approval granted for 37,000 equity shares of Rs 10 face value each
Approval effective from September 18, 2026 under scrip symbol RNFI
Issued pursuant to warrant conversion to non-promoter Mr. Nevil Vinod Dedhia
All 37,000 shares remain under lock-in until March 30, 2027

💡 Track the upcoming quarterly earnings and monitor shareholding pattern changes for complete warrant conversion status and any further equity expansion.

RNFI Services Proposes MOA Amendment to Enter TReDS and Trade Receivables Financing

🟢 POSITIVE ⭐ 5/10

EXPANSION 📅 14 Sep 2026, 04:28 PM

RNFI Services Limited has approved an amendment to the Main Object Clause of its Memorandum of Association (MOA) to enter trade receivables financing and operate or participate in the Trade Receivables Discounting System (TReDS). The company plans to leverage its existing technology capabilities and financial distribution footprint across Tier 2 to Tier 5 locations to serve MSMEs. The initiative is subject to shareholder approval via special resolution at an upcoming EGM and requires regulatory approvals and licenses from the Reserve Bank of India (RBI).

Board approved MOA amendment on September 14, 2026, to add trade receivables financing and TReDS operations
Expansion targets MSMEs by leveraging distribution across Tier 2, Tier 3, Tier 4, and Tier 5 locations
Implementation requires shareholder approval via Special Resolution at an upcoming EGM and requisite RBI authorization
Company generated TTM revenue of Rs 989 Cr and TTM PAT of Rs 32 Cr as of June 2026

💡 Track voting results of the upcoming EGM special resolution and subsequent regulatory filings regarding applications or license approvals from the Reserve Bank of India.

RNFI Services Intimates Dispatch of Annual Report Web-Link; 11th AGM on September 26, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 11 Sep 2026, 02:17 PM

RNFI Services Limited has issued a dispatch letter to shareholders who do not have registered email addresses, providing them the web-link to access the Annual Report for FY 2025-26. The company's 11th Annual General Meeting (AGM) is scheduled to take place on Saturday, September 26, 2026, at 11:00 AM IST via Video Conferencing. The cut-off date identifying members without registered email addresses was August 28, 2026. This is a standard administrative filing under SEBI LODR Regulation 36(1)(b).

11th AGM scheduled for Saturday, September 26, 2026, at 11:00 AM IST via VC/OAVM
Cut-off date for dispatch to members without registered emails was August 28, 2026
Filing made under Regulation 36(1)(b) of SEBI LODR Regulations, 2015
Web-link provided for shareholders to access the FY 2025-26 Annual Report online

💡 Shareholders can access and review the FY26 Annual Report via the company's portal ahead of the AGM on September 26, 2026.

RNFI Services Receives RBI In-Principle Approval for Payment Aggregator – Physical

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 07 Sep 2026, 05:47 PM

RNFI Services Limited has received in-principle authorisation from the Reserve Bank of India (RBI) under the Payment and Settlement Systems Act, 2007, to operate as a Payment Aggregator – Physical (PA-P). This enables the company to offer physical, offline, and in-store payment aggregation across its existing last-mile network. The approval expands RNFI's regulated licence portfolio, which already includes AD Category-II, FFMC, PPI, AMFI (ARN), and IRDAI broking licences. Final RBI authorisation remains subject to fulfilling standard regulatory conditions within the stipulated timeline.

Received RBI in-principle authorisation on September 07, 2026, under the Payment and Settlement Systems Act, 2007
Grants authorization to operate as a Payment Aggregator – Physical (PA-P) for offline and in-store payments
Expands regulatory stack alongside existing AD Category-II, FFMC, PPI, and IRDAI licences
Final authorisation to follow upon fulfilling RBI-mandated operational and compliance conditions

💡 Track the timeline for final RBI authorisation and monitor subsequent revenue contribution from physical merchant acquiring and in-store payment solutions in upcoming quarterly results.

RNFI Signs 3-Year Non-Financial MoU with Assam SRLM to Onboard BC Sakhis

🟡 NEUTRAL ⭐ 4/10

EXPANSION 📅 07 Sep 2026, 05:36 PM

RNFI Services Limited has entered into a 3-year non-financial Memorandum of Understanding (MoU) with the Assam State Rural Livelihoods Mission Society (ASRLMS) on September 7, 2026. The collaboration focuses on promoting and onboarding eligible Self-Help Group (SHG) members as Business Correspondent Sakhis (BC Sakhis) for doorstep banking and financial inclusion in Assam. The agreement involves zero monetary consideration or direct financial commitment from the company. It serves as an operational network expansion to scale transactions in unbanked and rural regions.

Entered into a 3-year term MoU executed on September 7, 2026 at Guwahati, Assam
Nil monetary consideration or financial commitment required under the MoU
Aims to onboard SHG members as BC Sakhis to deliver credit, insurance, pension, and remittance services
Aids expansion against RNFI's existing base of 112+ enterprise clients and rural distribution points

💡 Monitor upcoming quarterly disclosures for traction in agent network additions and incremental transaction volume growth arising from the Assam regional rollout.

View All RNFI Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Overall revenue grew 2.9% to INR 471.4 Cr in H1 FY26. Non-Forex revenue grew 6.7% to INR 220.7 Cr, while Forex revenue declined slightly by 0.2% to INR 250.7 Cr. Domestic Money Transfer (DMT) revenue saw a significant 49% HoH decline due to regulatory changes, dropping from INR 60 Cr to approximately INR 30 Cr.

Geographic Revenue Split

The company operates pan-India with a strategic focus on North India (Delhi) for new product launches and operational control before expanding to South India. Specific % split by region is not disclosed.

Profitability Margins

Gross Profit margin improved from 13% to 17% (INR 82.5 Cr). Net PAT margin improved from 1.9% to 3.1% overall, while Non-Forex PAT margin reached a healthy 6.5%, up from 4% YoY. The improvement is attributed to a shift toward higher-margin products and reduced depreciation.

EBITDA Margin

EBITDA margin improved from 4.2% to 6.1% (INR 28.6 Cr, up 47.4% YoY). Core profitability increased as the company compensated for low-margin DMT volume losses with high-margin alternate products.

Capital Expenditure

Planned tech infrastructure strengthening of INR 5.30 Cr and inorganic growth/acquisitions of INR 19.37 Cr. Historical desktop/server investment stands at INR 10.81 Cr. INR 25 Cr of IPO funds remain unutilized.

⚙️ Operational Drivers

Raw Materials

Bank API access fees, transaction processing costs, and agent commissions (Sahayak payouts) represent the primary cost of services, accounting for approximately 82.5% of total revenue.

Import Sources

Sourced domestically from Indian Universal Banks, Payments Banks, and BFSI partners.

Key Suppliers

Key partners include Universal Banks (for doorstep banking), Payments Banks (for BC services), and BookMyForex (for currency exchange services).

Capacity Expansion

Active sites increased by 18.8% in H1 FY26. Client base expanded from 5 in 2021 to 112 in 2026, with 18 new clients added in H1 FY26 alone.

Raw Material Costs

Cost of services represents 83% of revenue (INR 388.9 Cr in H1 FY26). Procurement strategy focuses on deep API integration to reduce partner dependency and improve margins.

Manufacturing Efficiency

Platform-based model allows for high scalability by 'plugging in' more corporates and banks without proportional cost increases.

Logistics & Distribution

Distribution is handled through a network of 'Sahayaks' (agents); ARPU was approximately INR 1400, though integration of Payworld temporarily lowered this average.

📈 Strategic Growth

Growth Strategy

Growth will be driven by scaling the Forex business following the receipt of the AD-II license, expanding ReliAssure telemarketing and re-insurance broking, and rolling out a national doorstep banking program following a successful pilot with a universal bank.

Products & Services

Domestic Money Transfer (DMT), Forex cards, outward remittance, insurance policies (Life & General), and doorstep banking services.

Brand Portfolio

Relimoney, ReliAssure, Paysprint, Payworld.

New Products/Services

Relimoney Forex Platform, Sprint EXcrow, Sprint EXcode, and Insurance Telemarketing operations.

Market Expansion

Pan-India expansion with a focus on increasing agent productivity and revenue per outlet.

Strategic Alliances

Strategic pilot with a universal bank for doorstep banking; partnership with BookMyForex for currency exchange (0.3% to 0.4% margin cut).

🌍 External Factors

Industry Trends

The fintech industry is shifting from high-volume/low-margin DMT services toward integrated digital financial services (Forex, Insurance, Banking). RNFI is positioning itself as a platform-based aggregator to capture higher margins.

Competitive Landscape

Competes with other fintech aggregators and specialized players like BookMyForex in the currency segment.

Competitive Moat

Sustainable moat built on a vast network of Sahayaks and deep API integrations with 112+ corporate/bank clients, creating high switching costs and network effects.

Macro Economic Sensitivity

Highly sensitive to Indian government regulations, tax regimes, and RBI monetary policies affecting fintech operations.

Consumer Behavior

Increasing demand for doorstep banking and digital-first forex solutions among individuals and corporates.

Geopolitical Risks

Primarily domestic regulatory risks; trade barriers are not a significant factor for the current service model.

⚖️ Regulatory & Governance

Industry Regulations

Operations governed by RBI (for DMT and Forex AD-II), IRDAI (for ReliAssure insurance broking), and SEBI (for listing compliance).

Taxation Policy Impact

Compliant with revised SEBI (LODR) Regulations, 2015; specific tax rate % not disclosed.

Legal Contingencies

No material significant related party transactions or instances of non-compliance resulting in disciplinary action by SEBI or Stock Exchanges were reported.